In this post, I will explain the latest Income Tax updates from Budget 2026 in simple words and also tell you how my GST and income tax services can help local business owners, traders, professionals, and salaried persons.
Income Tax Slabs for FY 2026–27 (Simple Explanation)
During the Union Budget 2026–27, Finance Minister Nirmala Sitharaman confirmed that income tax slabs and rates remain unchanged. However, some important procedural benefits were introduced to make compliance easier.
| Income Slab | New Regime (Default) | Old Regime |
|---|---|---|
| Up to ₹2.5 Lakh | Nil | Nil |
| ₹2.5 – ₹4 Lakh | Nil | 5% |
| ₹4 – ₹5 Lakh | 5% | 5% |
| ₹5 – ₹8 Lakh | 5% | 20% |
| ₹8 – ₹10 Lakh | 10% | 20% |
| ₹10 – ₹12 Lakh | 10% | 30% |
| ₹12 – ₹16 Lakh | 15% | 30% |
| ₹16 – ₹20 Lakh | 20% | 30% |
| ₹20 – ₹24 Lakh | 25% | 30% |
| Above ₹24 Lakh | 30% | 30% |
Important Note:
Under the New Tax Regime, income up to ₹12 lakh is effectively tax-free
for resident individuals due to Section 87A rebate.
For salaried employees, income up to ₹12.75 lakh becomes tax-free
after the standard deduction.
Key Direct Tax Changes Introduced in Budget 2026
- Effective Tax-Free Income: Under the New Regime, income up to ₹12 lakh is practically tax-free due to the enhanced Section 87A rebate of ₹60,000. For salaried individuals, this threshold increases to ₹12.75 lakh after applying the ₹75,000 standard deduction.
- Revised Deadlines: The window for filing revised returns has been extended to March 31 (previously December 31), subject to a nominal fee.
- TCS Reductions: Tax Collected at Source (TCS) on overseas tour packages and remittances for education and medical purposes under LRS has been reduced to a flat 2%.
- Foreign Asset Disclosure: A one-time, 6-month window was introduced for small taxpayers (students, NRIs, etc.) to disclose foreign assets valued up to ₹1 crore to regularise their tax status.
- Capital Gains on Buybacks: Share buybacks will now be taxed as capital gains for all shareholders, replacing the previous buyback tax on companies.
These changes are beneficial, but proper guidance is required to take full advantage. This is where a local GST and income tax consultant in Bilaspur HP plays an important role.
How I Help as a GST & Income Tax Consultant in Bilaspur HP
I provide complete GST and income tax services under one roof. My focus is on honest advice, clear explanation, and timely work.
- GST Registration for new businesses
- GST Return Filing (GSTR-1, GSTR-3B)
- Income Tax Return Filing
- Tax Planning to save tax legally
- GST & Income Tax Notice Reply
- Accounting & Bookkeeping
- Balance Sheet and P&L Preparation
If you are a shopkeeper, contractor, freelancer, trader, or small business owner, I ensure that your GST and income tax compliance is smooth and tension-free.
Why Local Businesses in Bilaspur HP Choose Me
- 17+ years of experience in tax and accounting
- Clear and simple explanations in easy language
- Strong understanding of Himachal Pradesh local business needs
- Personal attention to every client
- On-time filing and proper follow-up
That is why people search for best GST consultant near me, top income tax services Bilaspur HP, and reach my office.
About Me – Advocate Rahul Sharma
I started my professional journey in 2006 from Ghumarwin, Himachal Pradesh, working as an accountant mainly on VAT cases. In 2008, I shifted to Bilaspur to expand my practice and serve more clients.
For the last 17+ years, I have been working in GST, income tax, accounting, and compliance services. To strengthen my legal knowledge, I completed my LLB in 2023 from Career Point University, Hamirpur.
Today, I run my own professional office in Bilaspur, serving clients with honesty and long-term commitment.
Office Address & Contact Details
Location: Bilaspur, Himachal Pradesh
Phone: 9816640400
Email: rahulsharmablp@yahoo.com
Website: gstconsultantbilaspurhp.in
Conclusion
If you are looking for a trusted GST and Income Tax Consultant in Bilaspur HP, I am here to help. Whether it is GST registration, return filing, income tax planning, or notice handling, your compliance needs will be handled professionally.
For clear guidance and reliable tax support, feel free to contact me and get stress-free GST and income tax services.
